A local Tennessee newspaper has reported that Eastman Chemical (Kingsport, Tennessee / USA; www.eastman.com) is mulling whether to cease all PET production. According to the "Kingsport Times, CEO Jim Rogers said he would give the business a few more months of reprieve to climb out of the red. The patience of the famous PET pioneer and erstwhile global market leader evidently is wearing thin.
Eastman's PET business continued to report losses in 2009, down USD 62m compared to USD 32m in the red in 2008. Turnover dropped by 23%, due mostly to low sales prices. That makes 2009 the fourth year in a row in which its PET division is bleeding the group, Rogers said.